The real estate market is continuing the trends it has been seeing for months, and the local Boise market has followed suit. Here’s your monthly update on what’s happening.
All data pulled from the Intermountain MLS from 1/1/2021 to 1/31/2021.
According to data from the Intermountain MLS from January 1, 2021 to January 31, 2021, Boise home sales are lower than the previous month. 807 Boise-area homes sold in January, 438 fewer units than sold in December. This was a decline of 35.2%. As seen in the graph below, sales dropped more sharply than in the previous January. The Boise area saw a year-over-year decrease of 243 units, or 23.1%. This lower than normal dip for the season could be a result of ever dwindling available inventory on the market.
Boise sales prices continue to reach new highs, with an average sale price of $475.9K in January. The average price was $23.8K, or 5.3% higher than the month before. The year-over-year change was even greater, with an increase of nearly $100K. That’s a 26.4% boost to average home value in the span of one year.
Days on Market (DOM)
Boise homes are still selling faster than ever. The average number of days on the market for Boise was 17, matching the two-year low from November 2020. That’s one day fewer on the market than December, a 7.4% dip. In January 2020 the average DOM was 52. The year-over-year change is 35 days, or 67.7%. That means that Boise homes, on average, spend over a month less on the market now than they did a year ago. The lack of inventory and high demand make this a seller’s market. Buyer’s will feel the heat as they make offers on homes they like.
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